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Part of the income that a machine generates is put into the sinking fund to replace the machine when it eventually wears out. If $1500 is deposited annually at an interest rate of 7% interest, how many years must the machine is kept before a new machine costing $30,000 can be purchased? Explain in detail please provide step by step solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146030

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